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As an unsecured loan is not attached to equity in your home (unlike a secured loan where, if you default on loan repayments, your home could be repossessed), it makes it a popular choice for people looking for a loan. Different from secured lending, unsecured loans do not use collateral such as your property to ensure repayment to the loan company.
On the other hand, because that financial protection is not in place for the loan company, with some unsecured loans, slightly higher interest rates could be charged than those for secured loans.
Unsecured loans are considered more appropriate for those who would rather borrow smaller amounts of money - usually an unsecured loan may go up to £15,000, however, loan companies tend to have their own standards and limits as to the size of the loan.
They can be used for any purpose (with some restrictions) - the same as secured loans and you are the one to determine the length of time for paying back the loan. Generally, lenders will offer you the possibility of repayment within 6 - 120 months, so it is important to carefully calculate prior to commitment and see exactly how much you can afford to repay each month.
As the lending criterias are not the same when taking an unsecured loan rather than a secured loan, you could find it harder to get an unsecured loan. However, more often than not, there are willing unsecured loan companies who will assist you in the arranging of an unsecured loan.
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